1. Friday, August 17, 2012 - 6:29 PM
Some banks and credit unions will not add interest to your CD after the day it matures if the CD is closed during the grace period. This should be specified in your CD disclosure.
For example, assume your CD matured on August 10th, and the CD had a 10-day grace period. The CD will probably have been automatically renewed into a new term starting on the 10th. If you closed the CD on August 17th, your CD balance may not include any interest for those 7 days.
If you decide to close a CD when it matures, it's usually best to try to close it on or soon after the day it matures.
For example, assume your CD matured on August 10th, and the CD had a 10-day grace period. The CD will probably have been automatically renewed into a new term starting on the 10th. If you closed the CD on August 17th, your CD balance may not include any interest for those 7 days.
If you decide to close a CD when it matures, it's usually best to try to close it on or soon after the day it matures.
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